JACOBSON INSIGHTS
As we ring in a new decade, the labor market remains strong. Overall U.S. unemployment held steady at 3.5 percent in December and insurance carriers and related activities increased slightly to 2.6 percent. While the insurance industry experienced a decline in employment last month, we ended 2019 with a yearly average of almost 29,000 more jobs than in 2018.
Weekly earnings continued to increase at a steady pace among nearly all insurance sectors. Additionally, voluntary turnover remained high, possibly due to companies being more aggressive in their recruitment efforts. Insurers must continue to focus on retaining and engaging their employees to stay competitive, especially in the tight labor market. View our 2020 Insurance Talent Trends Guide for more employment trends and insights.
INDUSTRY HIGHLIGHTS
BLS Reported Adjustments: Adjusted employment numbers for October show the industry saw an increase of 1,600 jobs, which is more than the previous report of the jobs remaining unchanged.
*November is the most recent available data for this BLS report.